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To what extent can marriage market conditions explain differences in marriage and employment decisions across blacks and whites? I develop a dynamic, equilibrium model of marriage that is consistent with several stylized facts on racial differences in marriage and employment rates. The parameters of the model are estimated using a panel of young men and women from the US. Black-white differences in the quality and quantity of men and women in the marriage market explain 20% of the difference in marriage rates and between one-fifth and one-third of the differences in employment rates across race.